The Qatar Stock Exchange (QSE) Index lost 109.33 points or 1.05% during the week, to close at 10,310.69

1. `
Page 1 of 7
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index lost 109.33 points or 1.05%
during the week, to close at 10,310.69. Market capitalization
declined by 0.86% to QR571.7 billion (bn) versus QR576.6bn the
previous trading week. Of the 46 listed companies, 21 companies
ended the week higher, while 21 declined and 4 remained
unchanged. Qatar German Co. Medical Devices (QGMD) was the
best performing stock for the week with a gain of 11.3% on a
trading volume of 31.5 million (mn) shares. On the other hand,
Qatari Investors Group (QIGD) was the worst performing stock for
the week with a decline of 7.0% on 7.4mn shares traded.
Qatar International Islamic Bank (QIIK), Mesaieed Petrochemical
Holding Company (MPHC) and Industries Qatar (IQCD) were the
primary contributors to the weekly index decline. QIIK was the
biggest contributor to the index’s weekly decrease, deleting 37.7
points from the index. MPHC was the second biggest contributor to
the mentioned loss, shaving off 29.5 points from the index.
Moreover, IQCD removed 23.3 points from the index. On the other
hand, Qatar International Islamic Bank (QIIK) added 13.0 points to
the index.
Trading value increased by 17.1% during the week to QR1.2bn
versus QR1.0bn in the prior week. The Banks & Financial Services
sector led the trading value during the week, accounting for 34.9%
of the total trading value. The Industrials sector was the second
biggest contributor to the overall trading value, accounting for
28.6% of the total. QNBK was the top value traded stock during the
week with total traded value of QR171.6mn.
Trading volume increased by 50.1% to reach 616.6mn shares
versus 410.7mn shares in the prior week. The number of
transactions increased 16.8% to 34,496 transactions versus 29,544
transactions in the prior week. The Industrials sector led the
trading volume, accounting for 48.6%, followed by the Real Estate
sector, which accounted for 20.2% of the overall trading volume.
AamalHolding (AHCS) was the top volume traded stockduring the
week with 183.8mn shares traded.
Foreign institutions remained negative with net selling of
QR29.8mn vs. net selling of QR25.5mn in the prior week. Qatari
institutions remained bullish with net buying of QR64.3mn vs. net
buying of QR63.9mn in the week before. Foreign retail investors
remained bullish with net buying of QR6.7mn vs. net buying of
QR3.2mn in the prior week. Qatari retail investors remained
negative with net selling of QR41.1mn vs net selling of QR41.5mn
the week before. Foreign institutions have bought (net basis)
~$1.3bn worth of Qatari equities in 2019.
Market Indicators
Week ended
Oct 03, 2019
Week ended
Sep 26, 2019
Chg. %
Value Traded (QR mn) 1,210.4 1,033.3 17.1
Exch. Market Cap. (QR mn) 571,666.0 576,617.3 (0.9)
Volume (mn) 616.6 410.7 50.1
Number of Transactions 34,496 29,544 16.8
Companies Traded 46 46 0.0
Market Breadth 21:21 23:18 –
Market Indices Close WTD% MTD% YTD%
Total Return 18,972.54 (1.0) (0.5) 4.6
ALL Share Index 3,042.04 (0.7) (0.4) (1.2)
Banks and Financial Services 3,993.00 (0.3) 0.1 4.2
Industrials 3,077.10 (2.8) (1.6) (4.3)
Transportation 2,617.98 0.7 (0.3) 27.1
Real Estate 1,481.05 2.4 1.4 (32.3)
Insurance 2,947.07 (0.8) (0.9) (2.0)
Telecoms 912.26 (2.6) (1.5) (7.6)
Consumer Goods & Services 8,593.44 (0.7) (0.9) 27.3
Al Rayan Islamic Index 3,954.05 (1.4) (0.9) 1.8
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar* 10,310.69 (1.0) (0.5) 0.1 330.67 156,979.5 14.8 1.6 4.1
Dubai 2,761.02 (1.3) (0.7) 9.1 144.65 99,196.2 11.6 1.0 4.5
Abu Dhabi 5,027.96 (0.8) (0.6) 2.3 168.13 140,004.7 15.1 1.4 4.9
Saudi Arabia#
7,984.43 (0.5) (1.3) 2.0 3,797.78 501,863.0 19.7 1.8 3.8
Kuwait 5,635.65 (1.3) (0.8) 10.9 248.27 105,239.9 14.0 1.3 3.8
Oman 4,026.02 0.3 0.2 (6.9) 79.75 17,498.5 8.2 0.8 6.8
Bahrain 1,512.55 (0.6) (0.3) 13.1 11.25 23,635.6 11.3 1.0 5.2
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; #Data as of October 02, 2019)
10,395.78
10,367.08
10,434.65
10,359.84
10,310.69
0
100,000,000
200,000,000
10,200
10,350
10,500
29-Sep 30-Sep 1-Oct 2-Oct 3-Oct
Volume QSE Index
0.3%
(0.5%) (0.6%)
(0.8%)
(1.0%)
(1.3%) (1.3%)
(2.0%)
(1.0%)
0.0%
1.0%
Oman
SaudiArabia
Bahrain
AbuDhabi
Qatar*
Dubai
Kuwait

2. Page 2 of 7
News
Economic, Market & Corporate News
 Qatar’s PPI falls 16.5% YoY in August this year – Weakened
earnings in the hydrocarbons and some manufactured products
led Qatar’s PPI (Producers’ Price Index) to drag 16.5% YoY in
August 2019, according to the official statistics. Qatar’s PPI – a
measure of the average selling prices received by the domestic
producers for their output – saw a 1.5% MoM dip, stated the
figures released by the Planning and Statistics Authority (PSA).
The PSA had released a new PPI series in late 2015. With a base
of 2013, it draws on an updated sampling frame and new
weights. The previous sampling frame dates from 2006, when
the Qatari economy was much smaller than today and the range
of products made domestically much narrower. The mining PPI,
which carries the maximum weight of 72.7%, fell 1.4% on a
monthly basis as crude petroleum and natural gas prices fell in
a similar proportion, while that of stone, sand and clay was
unchanged in the review period The PPI for mining saw a 17.7%
plunge YoY in August 2019 on the back of a 17.7% decrease in
the price of crude petroleum and natural gas; even as there was
a marginal 0.2% rise in that of stone, sand and clay. The
manufacturing sector, which has a weight of 26.8% in the PPI
basket, witnessed a 14% yearly plunge this August on a 16.4%
contraction in the price of refined petroleum products, 11.3% in
basic chemicals, 9.9% in basic metals and 4.5% in cement and
other non-metallic mineral products. (Gulf-Times.com)
 FocusEconomics: Higher public spending, gas output to drive
Qatar’s economic growth in 2H2019 – Qatar’s economy is
projected to gain momentum in 2H2019 driven mainly by
greater public spending and higher gas production,
FocusEconomics has stated in its latest report. Focusing on
2020, the report stated, the country’s growth will likely pick up
on a stronger energy sector as the Barzan gas facility comes
online. According to FocusEconomics Consensus Forecast-
Middle East & North Africa for October report, Qatar’s economy
likely to have softened in the second quarter, after a recovery in
the energy sector drove a slight acceleration in the first quarter.
Turning to the third quarter, the report stated, available data
points to acceleration. “In July, annual industrial production
grew at the fastest pace since August 2018, annual private
sector credit growth surged, while building permits also jumped
MoM,” it stated. Moreover, the report stated, the non-oil sector
PMI recovered firmly in August that bodes well for Qatar’s
economic growth ahead. FocusEconomics panelists see growth
of 1.9% in 2019 and 2.5% in 2020, which is unchanged from last
month’s forecast. The country’s economic growth will further
accelerate to 2.7% in 2021 and 2.8% in 2022, the report stated.
Consumer prices were flat in annual terms in August, the report
stated, adding inflation should return next year as the expected
implementation of a 5% VAT in January 2020 will add upward
pressure. Moreover, an expected pick-up in economic activity
and recent signs of a recovery in housing prices should also
stoke prices next year. “Our panelists expect average consumer
prices to fall 0.3% in 2019, before increasing 2% in 2020, which
is down 0.2 percentage points from last month’s forecast,” the
report stated. The report indicated that the GDP per capita in
Qatar will increase from $70,550 in 2019 to $80,098 in 2022.
According to the annual data released as part of the report, the
overnight lending rate in the country would continue to rise
from the current level and reach up to 4.81% by 2023. The Qatari
Riyal will continue to be pegged at $3.64 in the years to come,
the report stated. (Qatar Tribune)
 Qatar Petroleum announces fuel prices for October – Qatar
Petroleum announced the diesel and gasoline prices for October,
which will stabilize for gasoline (91) and diesel, while the super
gasoline (95) will see a slight increase. Qatar Petroleum has set
the price of diesel liter to QR1.85 in October, the same price set
for September. The price of super gasoline (95) was set at
QR1.85 per liter during October; this was up from QR1.8 in
September, an increase of 2.8%. The price of premium gasoline
(91) stabilized for the second month in a row, as Qatar
Petroleum set its price at QR1.7 per liter in October. (Gulf-
Times.com)
 Qatar Central Bank’s August foreign reserves rise to QR197bn –
Qatar Central Bank has published Qatar’s foreign reserves and
data on monetary aggregates for August on the website.
International reserves and foreign currency liquidity rose to
QR197bn from QR196.2bn in July 2019. August M1 money
supply declined 1.7% from year ago and 1.2% MoM. Further
August M2 money supply falls 5.1% YoY and 0.5% MoM.
(Bloomberg)
 Qatar’s economy performing better after blockade – Qatar has
performed better on most of the key economic indicators since
blockade, CEOs of prime Qatari entities have said. Speaking at a
knowledge sharing session titled ‘Qatar – Land of Opportunities’
organized by Doha Bank, Qatar Financial Centre’s (QFC) CEO,
Yousuf Mohamed Al Jaida said that Qatar has performed better
in five out of the seven key economic indicators in the post-
blockade period of almost two and half years. Comparing pre-
blockade period (2014-2016) with post- blockade period (2017-
2019), he said, Qatar’s nominal GDP, non-hydrocarbon growth,
hydrocarbon growth, real GDP growth forecast and average
annual inflation have fared better in the post- blockade period.
Real GDP growth and Qatar Real Estate Price Index are the only
two economic indicators where the country witnessed marginal
decline, he said. Despite the ongoing blockade imposed on the
country, Jaida said, Qatar’s real GDP is forecast to grow at a
compound annual growth rate of 2.8% in the next five years, the
second fastest in the GCC region. Highlighting the factors
impacting Real GDP growth in Qatar, he said, “Qatar’s planned
expansion of LNG production and infrastructure projects related
to 2020 FIFA World Cup will drive growth in Qatar in the next
five years.” (Qatar Tribune)
 Qatar’s investment in healthcare sector at QR22.7bn – Qatar
Chamber’s board member, Ebtihaj Al Ahmadani has said that
Qatar’s healthcare spending is among the highest in the Middle
East. The country invested QR22.7bn in healthcare sector in
2018, up 4% compared to the previous year, she said. Qatar has
been ranked fifth best in the world and the first in the Middle
East, according to Legatum Institute, a London-based think-
tank which measures improved life expectancy, better health

3. Page 3 of 7
outcomes, and investment in health infrastructure, Al
Ahmadani said while attending the recently concluded “12th
Arab-German Health Forum” in Berlin, Germany. “Within the
past two year, Qatar has allocated huge investments in the
health sector by providing more 1,100 beds and opening four
new health centers,” she added. Addressing the forum, Al
Ahmadani said that Qatar’s health system has seen great
strides over the past years regarding the number of medical
facilities and students as well as the spending on health sector
by the government. (Peninsula Qatar)
 QE Index, QE Al Rayan Islamic Index and QE All Share Index
update constituents from October 1 – Ezdan Holding Group and
Qatar Aluminium Manufacturing Company replaced Medicare
Group and Qatar First Bank in the QE Index. Ezdan Holding
Group, Qatar Aluminium Manufacturing Company as well as
Qatar Islamic Insurance Company joined QE Al Rayan Islamic
Index. Qatar Aluminium Manufacturing Company joined both
QE All Share Index and QE Industrials Index. Qatar General
Insurance & Reinsurance Company joined both QE All Share
Index and QE insurance Index, all effective from October 1,
2019. (QSE)
 WOQOD adds yet another fuel station to its widening network,
inches closer to 2020 goal – Qatar Fuel Company (WOQOD)
opened a fuel station in Al Dafna, raising its network of stations
to 89. With the new facility, WOQOD has moved a step closer to
its objective of opening 114 fuel stations by 2020. The Al Dafna
fuel station is spread over 4,200 square meters and has three
lanes with nine dispensers. The new station offers round-the-
clock services to residents and includes a Sidra convenience
store, an LPG cylinder outlet and a shop that sells gasoline and
diesel products for light vehicles. WOQOD is currently
constructing 22 new petrol stations, a large number of which are
expected to become operational in 2019. (Qatar Tribune)
 Qatar First Bank’s CEO resigns – Qatar First Bank’s board of
directors announced that the resignation of Ali Mohammed Al
Obaidli from the position of CEO. (QSE)
 Qatar Central Securities Depository modifies the foreigners’
ownership limit of NLCS – Qatar Central Securities Depository
has modified the foreigners’ ownership limit of Alijarah Holding
(NLCS) to be 49% of the capital, which is equal to 242,452,980
shares. (QSE)

4. Page 4 of 7
Qatar Stock Exchange
Top Gainers Top Decliners
Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE)
Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million)
Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE)
Investor Trading Percentage to Total Value Traded Net Traded Value by Nationality (QR Million)
Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE)
11.3%
8.3%
5.8%
4.5%
3.8%
0.0%
5.0%
10.0%
15.0%
Qatari German
Co. for Medical
Dev.
Medicare Group The Group
Islamic
Insurance Co.
United
Development
Company
Qatar Oman
Investment Co.
-7.0%
-6.0%
-5.6%
-3.7%
-3.1%
-9.0%
-6.0%
-3.0%
0.0%
QatariInvestors
Group
GulfInternational
Services
Mesaieed
Petrochemical
HoldingCo.
Ooredoo QatarIslamicBank
171.6
134.3
72.7 70.8
60.7
0.0
60.0
120.0
180.0
QNB Group Aamal Company Qatar Islamic
Bank
Qatar
Aluminium
Manufacturing
Company
Ezdan Holding
Group
183.8
89.2
73.5
31.5 31.1
0.0
70.0
140.0
210.0
Aamal
Company
Ezdan Holding
Group
Qatar
Aluminium
Manufacturing
Company
QatariGerman
Co. for Medical
Dev.
Qatar First
Bank
0%
20%
40%
60%
80%
100%
Buy Sell
31.59% 34.99%
31.13% 25.81%
12.26%
11.71%
25.03% 27.49%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
759
451
736
474
23
(23)
(200) - 200 400 600 800
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

5. Page 5 of 7
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The QE Index closed down 1.05% from the previous week, at 10,310.69 points. The Index kept moving inside the corrective channel and bounced off the
strong support just at the 9,700 level. We keep our expected weekly-resistance level at 10,800 points and the 9,700 level as our weekly support.
DEFINITIONS OF KEY TERMS USED IN TECHNICAL ANALYSIS
RSI (Relative Strength Index) indicator – RSI is a momentum oscillator that measures the speedand change of price movements. The RSI oscillates between
0 to 100. The index is deemed to be overbought once the RSI approaches the 70 level, indicating that a correction is likely. On the other hand, if the RSI
approaches 30, it is an indication that the index may be getting oversold and therefore likely to bounce back.
MACD (Moving Average Convergence Divergence) indicator – The indicator consists of the MACD line and a signal line. The divergence or the convergence
of the MACD line with the signal line indicates the strength in the momentum during the uptrend or downtrend, as the case may be. When the MACD
crosses the signal line from below and trades above it, it gives a positive indication. The reverse is the situation for a bearish trend.
Candlestick chart – A candlestick chart is a price chart that displays the high, low, open, and close for a security. The ‘body’ of the chart is portion between
the open and close price, while the high and low intraday movements form the ‘shadow’. The candlestick may represent any time frame. We use a one-day
candlestick chart (every candlestick represents one trading day) in our analysis.
Doji candlestick pattern – A Doji candlestick is formed when a security's open and close are practically equal. The pattern indicates indecisiveness, and
based on preceding price actions and future confirmation, may indicate a bullish or bearish trend reversal.
ShootingStar/Inverted Hammer candlestick patterns – These candlestick patterns have a small real body (open price and close price are near to each other),
and a long upper shadow (large intraday movement on the upside). The Shooting Star is a bearish reversal pattern that forms after a rally. The Inverted
Hammer looks exactly like a Shooting Star, but forms after a downtrend. Inverted Hammers represent a potential bullish trend reversal.

6. Page 6 of 7
Source: Bloomberg
Company Name
Price
October 03
% Change
WTD
% Change
YTD
Market Cap.
QR Million
TTM P/E P/B Div. Yield
Qatar National Bank 19.30 0.47 (1.03) 178,263 13.9 2.6 3.1
Qatar Islamic Bank 15.50 (3.13) 1.97 36,625 13.9 2.3 3.2
Commercial Bank of Qatar 4.40 (2.22) 11.70 17,808 12.0 1.1 3.4
Doha Bank 2.60 1.56 17.12 8,061 12.2 0.9 3.8
Al Ahli Bank 3.40 (2.86) 33.57 7,867 11.7 1.4 2.7
Qatar International Islamic Bank 8.96 3.11 35.51 13,563 15.9 2.4 4.5
Masraf Al Rayan 3.54 (0.28) (15.07) 26,550 12.4 2.1 5.6
Al Khaliji Bank 1.18 (1.67) 2.25 4,248 7.4 0.7 6.4
Qatar First Bank 0.31 (2.24) (25.00) 612 N/A 0.9 N/A
National Leasing 0.70 0.87 (20.82) 344 47.4 0.5 7.2
Dlala Holding 0.69 1.32 (31.10) 196 N/A 0.9 N/A
Qatar & Oman Investment 0.52 3.76 (1.87) 165 52.2 0.6 5.7
Islamic Holding Group 1.98 (2.94) (9.38) 112 309.0 0.8 N/A
Banking and Financial Services 294,415
Zad Holding 13.50 (2.17) 29.81 1,943 15.0 2.2 6.3
Qatar German Co. for Medical Devices 0.76 11.27 34.28 88 N/A 2.5 N/A
Salam International Investment 0.41 1.49 (5.31) 469 N/A 0.4 N/A
Medicare Group 7.98 8.28 26.47 2,246 28.6 2.3 22.6
Qatar Cinema & Film Distribution 2.20 0.00 15.67 138 17.6 1.0 6.8
Qatar Fuel 23.09 (1.91) 39.10 22,957 19.1 2.9 3.5
Qatar Meat and Livestock 6.23 2.47 (11.00) 1,121 10.1 3.5 7.2
Mannai Corp. 3.30 0.30 (39.95) 1,505 4.6 0.6 6.1
Al Meera Consumer Goods 15.32 0.46 3.51 3,064 16.7 2.3 5.5
Consumer Goods and Services 33,531
Qatar Industrial Manufacturing 3.61 (2.17) (15.46) 1,715 11.9 1.1 6.9
Qatar National Cement 6.00 (1.32) 0.84 3,921 14.9 1.3 8.3
Industries Qatar 10.80 (1.82) (19.17) 65,340 16.4 2.0 5.6
Qatari Investors Group 1.86 (7.00) (33.12) 2,312 16.7 0.8 4.0
Qatar Electricity and Water 15.50 0.98 (16.22) 17,050 12.7 1.8 5.0
Aamal 0.72 0.00 (18.67) 4,530 11.4 0.6 8.3
Gulf International Services 1.71 (6.04) 0.59 3,178 N/A 0.9 N/A
Mesaieed Petrochemical Holding 2.87 (5.59) 90.95 36,056 35.1 2.5 2.8
Invesment Holding Group 0.53 1.94 7.57 437 6.9 0.6 4.8
Qatar Aluminum Manufacturing 0.92 2.00 (31.09) 5,134 N/A N/A 2.2
Industrials 139,673
Qatar Insurance 3.30 (1.79) (8.08) 10,778 18.6 1.3 4.5
Doha Insurance 1.03 (0.96) (21.31) 515 8.5 0.5 7.8
Qatar General Insurance & Reinsurance 3.50 (1.69) (22.01) 3,063 14.4 0.5 2.9
Al Khaleej Takaful Insurance 1.96 3.70 128.17 500 16.1 0.9 2.6
Qatar Islamic Insurance 6.35 5.83 18.23 953 13.6 2.7 5.5
Insurance 15,809
United Development 1.38 4.55 (6.44) 4,886 10.5 0.5 7.2
Barw a Real Estate 3.36 0.30 (15.81) 13,075 8.6 0.7 7.4
Ezdan Real Estate 0.67 0.60 (48.69) 17,666 59.6 0.6 N/A
Mazaya Qatar Real Estate Development 0.74 (0.54) (5.13) 857 N/A 0.7 6.8
Real Estate 36,483
Ooredoo 7.11 (3.66) (5.20) 22,775 13.3 1.0 3.5
Vodafone Qatar 1.24 0.00 (20.61) 5,241 35.9 1.2 4.0
Telecoms 28,016
Qatar Navigation (Milaha) 6.64 2.15 0.59 7,604 14.1 0.5 4.5
Gulf Warehousing 5.03 (0.40) 30.75 295 15.7 1.8 3.8
Qatar Gas Transport (Nakilat) 2.38 0.00 32.74 13,186 14.3 2.1 4.2
Transportation 21,085
Qatar Exchange 571,666

7. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi , CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mehmet Aksoy, PhD QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mehmet.aksoy@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNB FS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNB FS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
financial advice. QNB FS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of
the investor and be based on specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment
decision. Although the information in this report has been obtained from sources that QNB FS believes to be reliable, we have not independently verified such information and it may not be accurate
or complete. QNB FS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports
dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNB FS Fundamental Research as a result of
depending solely on the historical technical data (price and volume). QNB FS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express
viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part
without permission from QNB FS
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNB FS.
Page 7 of 7